Community Bankers Trust Corp Essex Bank Tappahannock VA

Take a look a the new site

capital2risk.com

Here is Rex Smith

Rex stole $17,000,000 in tax payer money

Rex won’t even pay interest on the money he stole

Rex means king in latin, he is the king of stealing from the tax payer

Community Bankers Trust Corp. Essex Bank Tappahannock VA was founded in 1921.  The company took $17MM in tax payer funded bailout money, which they have decided to not repay.  Then again, they haven’t even paid dividends on these funds since 5/10.  Leave it bankers to not pay interest on tax payer funds.  Maybe, that is why they are on the problem bank list, having entered into a written agreement with the regulators.  The Texas ratio is 38%.

The company has $1B in assets and $107MM in equity.

The problem loan portfolio consists of $17MM in loans 30-90 days past due, with $52MM on non accrual and $15MM of OREO.

The stated equity of $107MM is actually $90MM, as the prefered stock is not equity it is tax payer funded debt that must be paid back.

As a result, they have $69MM in bad loans and only $90MM in equity.  The non accruals alone, could wipe out the equity base.

 

These people are also pretty good at losing money.  The net income was ($22MM) in FY10 and ($30MM) in FY09.

So how are they going to pay the tax payer back with these staggering loses? They can’t.

At least the executive pay hasn’t been impacted.

Rex Smith              made $212K

George Largent    made $407K

John Oakley           made  $180K

Gary Simanson       “earned”  $3MM

That is good pay for bankrupting a 90 year old institution.  Not to mention stealing $17MM in tax payer money.

Maybe Gary Simanson could use the $3MM to pay back the taxpayer?

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